Stop searching for the 'Holy Grail', work on yourself! | Page 33 | Forex Factory

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Stop searching for the 'Holy Grail', work on yourself!

  • #641
  • Sep 9, 2020 5:57pm Sep 9, 2020 5:57pm
Thanks KeenP,
the use of line charts (in the way of "candle close line" -I guess with a trained eye-) is one of my main resources in my analysis.

regards
fex
Newbie trader
  • #642
  • Sep 9, 2020 6:25pm Sep 9, 2020 6:25pm
Quite right mate. It helps a lot, particularly when in doubt from the candlestick chart.

KP

Quoting fex
Thanks KeenP, the use of line charts (in the way of "candle close line" -I guess with a trained eye-) is one of my main resources in my analysis. regards fex
Do your homework, follow the footprints of smart money
  • #643
  • Sep 9, 2020 6:27pm Sep 9, 2020 6:27pm
The below is a video that shows an example of structure-based market analysis. As usual, I have no financial interest in the presenter, neither am I setting him up as a 'guru' to follow.

Stay safe, trade safe.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #644
  • Edited 3:43pm Sep 10, 2020 3:29pm | Edited 3:43pm
Having your own well-tested and assured trading rules and/or checklist and using them is the basis of trading discipline.

KP
Do your homework, follow the footprints of smart money
  • #645
  • Sep 10, 2020 3:45pm Sep 10, 2020 3:45pm
Love this thread mate.

Lots of golden nuggets!

Thank you KeenPips.
Give the market little, Aim to take a lot!
  • #646
  • Sep 10, 2020 3:53pm Sep 10, 2020 3:53pm
Thanks for your encouraging comment.

Stat safe, trade safe.

KP

Quoting Calsimay
Love this thread mate. Lots of golden nuggets! Thank you KeenPips.
Do your homework, follow the footprints of smart money
  • #647
  • Sep 10, 2020 4:08pm Sep 10, 2020 4:08pm
Trade GJ , it likes a small...little tiny 11 pip stop and reverse....not a stop.....

I haven't had a losing day in 2 and a half years....
  • #648
  • Edited 5:20pm Sep 10, 2020 4:18pm | Edited 5:20pm
Good on you and congrats on your success mate. You may want to share with fellow traders how to pick the pairs to trade. Personally, I prefer trading GU over GJ because of spread and the tendency of the BoJ to suddenly intervene in the exchange rate.

Trade safe.

KP

Quoting Gbp/jpy
Trade GJ , it likes a small...little tiny 11 pip stop and reverse....not a stop..... I haven't had a losing day in 2 and a half years....
Do your homework, follow the footprints of smart money
  • #649
  • Sep 14, 2020 5:32am Sep 14, 2020 5:32am
the hardest thing for me in trading was patience,to wait for my setup to occur.
After examining my beliefs about trading,i had a belief that if i don't trade for the day or week i have not worked,i felt like i wasted my time.This belief made me fear missing out on trades,over trade it kept me on the boom and burst cycle for a long time.
I change the belief and acquired new ones eg if i don't take bad setups i have made money.

if i make 3 quality setups a month and make 5R risking 2% that's a 10% gain in a month.Took me years to see this.

all this came from a bad belief about trading,thought i just share.

Happy trading
  • #650
  • Sep 14, 2020 6:04am Sep 14, 2020 6:04am
Another forthright post mate. I am very much in agreement with you on waiting for high quality setups. Very much important for us all to remember prioritizing trade quality over trade quantity.

Stay safe, trade safe.

KP

Quoting philemon123
the hardest thing for me in trading was patience,to wait for my setup to occur. After examining my beliefs about trading,i had a belief that if i don't trade for the day or week i have not worked,i felt like i wasted my time.This belief made me fear missing out on trades,over trade it kept me on the boom and burst cycle for a long time. I change the belief and acquired new ones eg if i don't take bad setups i have made money. if i make 3 quality setups a month and make 5R risking 2% that's a 10% gain in a month.Took me years to see this. all this...
Do your homework, follow the footprints of smart money
  • #651
  • Sep 14, 2020 6:37am Sep 14, 2020 6:37am
Quoting philemon123
the hardest thing for me in trading was patience,to wait for my setup to occur. After examining my beliefs about trading,i had a belief that if i don't trade for the day or week i have not worked,i felt like i wasted my time.This belief made me fear missing out on trades,over trade it kept me on the boom and burst cycle for a long time. I change the belief and acquired new ones eg if i don't take bad setups i have made money. if i make 3 quality setups a month and make 5R risking 2% that's a 10% gain in a month.Took me years to see this. all this...
This exact belief is as close as possible to holy grail.
on a postive roll...
  • #652
  • Sep 22, 2020 11:51am Sep 22, 2020 11:51am
"Not losing is gaining"

i wait for my setup no matter how long it takes.

happy trading
  • #653
  • Sep 22, 2020 3:11pm Sep 22, 2020 3:11pm
I am with you on this mate. It is better to hold on to your trading capital by waiting than losing it on impulsive or reckless trading.

KP

Quoting philemon123
"Not losing is gaining" i wait for my setup no matter how long it takes. happy trading
Do your homework, follow the footprints of smart money
  • #654
  • Edited 10:28am Sep 29, 2020 10:16am | Edited 10:28am
Just musing: You are more likely to succeed by patient entry of the markets at areas of value than being impulsive.

KP
Do your homework, follow the footprints of smart money
  • #655
  • Sep 29, 2020 11:39am Sep 29, 2020 11:39am
Below is a video on structure-based trading. Personally, as a swing trader, I use higher time frames but the idea is the same. As usual, I have no financial interest in the presenter neither am I holding him up as a 'guru' to follow.

Stay safe, trade safe.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #656
  • Oct 12, 2020 1:09am Oct 12, 2020 1:09am
Just Musing

If you have no directional clarity on your trading time frame, go to one or two levels above it but wait for the momentum on your trading time frame to be in alignment with the htf before entering the market.


Stay safe, trade safe.

KP
Do your homework, follow the footprints of smart money
  • #657
  • Oct 12, 2020 2:15am Oct 12, 2020 2:15am
Quoting philemon123
the hardest thing for me in trading was patience,to wait for my setup to occur. After examining my beliefs about trading,i had a belief that if i don't trade for the day or week i have not worked,i felt like i wasted my time.This belief made me fear missing out on trades,over trade it kept me on the boom and burst cycle for a long time. I change the belief and acquired new ones eg if i don't take bad setups i have made money. if i make 3 quality setups a month and make 5R risking 2% that's a 10% gain in a month.Took me years to see this. all this...
Wao! I learned some from what you said.
Trade to trade well
  • #658
  • Oct 13, 2020 6:26am Oct 13, 2020 6:26am
Just Sharing

You will do far better if you swing trade the break of market structure of your directional time frame, usually higher than your trading time frame, than the break of market structure on your trading time frame.

KP
Do your homework, follow the footprints of smart money
  • #659
  • Oct 13, 2020 6:30am Oct 13, 2020 6:30am
Quoting KeenPips
Just Sharing You will do far better if you swing trade the break of market structure of your directional time frame, usually higher than your trading time frame, than the break of market structure on your trading time frame. KP
That is correct if you have found a main trend you can follow, which is hard as FX is a hedged asset... Work instead of starting with stock trading where you don't have an hedge... much easier
  • #660
  • Oct 13, 2020 6:46am Oct 13, 2020 6:46am
Thanks mate but let's not confuse issues here. The break of market structure on D1 and W1 tfs (major tfs for market condition/trend) is far more reliable than that on lower tfs, e.g. H4, H1, and M15. That's the point I wanted fellow traders to think about.

Stay safe, trade safe.

KP

Quoting Larseg
{quote} That is correct if you have found a main trend you can follow, which is hard as FX is a hedged asset... Work instead of starting with stock trading where you don't have an hedge... much easier
Do your homework, follow the footprints of smart money
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